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Pinnacle report results for fourth quarter

Pinnacle Systems have announced financial results for the fourth quarter of fiscal 2002, which ended June 30, 2002.
Net sales for the fourth quarter were $65,021,000, a 31% increase over net sales of $49,778,000 in the fourth quarter of fiscal 2001.
Net income for the fourth quarter, including acquisition related amortization charges, was a loss of $8,366,000 or $.14 per share. Proforma net income (*) for the fourth quarter was a profit of $4,455,000 or $0.07 per share. The proforma net income information was calculated by excluding $8,903,000 in amortization of acquisition-related intangible assets, assumes a 20% proforma income tax rate on fiscal 2002 year-to-date proforma income and uses a share count of 62,130,000 diluted shares.
By division, net sales for the fourth quarter were $34.0 million in the Broadcast and Professional Solutions division, which provides media creation, storage and distribution systems for broadcast and professional applications. Net sales for the quarter were $31.0 million in the Personal Web Video division, which provides digital editing and viewing products for the business and consumer markets. Blended gross margins for the fourth quarter were 54.7%, which was 1.3% higher than in the third quarter, as a result of improved gross margins in both operating divisions. In addition, the Company generated positive cash flow from operations and ended with over $88 million in cash and marketable securities, an increase of more than $8 million during the fourth quarter and more than $40 million for the full fiscal year.
J. Kim Fennell, Pinnacle Systems’ President and Chief Executive Officer, commented, “We are very pleased that the financial performance of both the Broadcast & Professional and Personal Web Video divisions has consistently improved each quarter since the beginning of the fiscal year. Net sales, gross margins, net income and the company’s cash balance have all increased sequentially on a quarterly basis. We are executing to plan and are excited about customer reaction to our leading-edge solutions.”
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